Rwanda Sees Record $1.09 Billion in Foreign Investment in 2024

The report, issued Feb. 17, shows the financial sector attracted $299.1 million, a 27.2% rise from 2023. The industrial sector drew $267.1 million, the construction sector $150.5 million, and agriculture, education, and health combined received $107.7 million.

Mauritius led foreign investment, with $251.1 million, followed by Kenya at $140.3 million, China at $108.6 million, the United States at $103.9 million, and Germany at $65.3 million.

Regionally, members of the Common Market for Eastern and Southern Africa (COMESA) invested $418.6 million. The Organization for Economic Cooperation and Development (OECD) contributed $340.6 million, the Southern African Development Community (SADC) $293.4 million, Asia $228.2 million, and the East African Community $159.1 million.

Foreign loans to Rwandan businesses reached $543.6 million, a 28.5% increase from $423 million in 2023. Domestic companies accounted for 60.8% of these loans to foreign firms, while 39.2% came from unrelated foreign companies.

More than 380 companies participated in the survey, reporting total turnover of $3.9 billion, up from $3.6 billion the previous year.

Private companies with foreign ownership of more than 10% earned profits totaling $179.5 million, slightly higher than $176.5 million in 2023. Reinvested earnings rose 34.6% to $125.4 million, while profits distributed to shareholders increased 15.2% to $38.3 million.

The foreign investment sector also contributed to employment, creating 69,341 jobs in 2024, with Rwandans making up 97.6% of those employed. In 2023, foreign investment had generated 59,916 jobs.

The report underscores Rwanda’s growing appeal to foreign investors and highlights the role of both regional and international partners in the country’s economic expansion.